Final

Question 0

Explain limited resources

Answer 0

We have to make a decision. A or b

Question 1

What is business? And what is business’s based on?

Answer 1

All activities related to producing and manufacturing to consumers wants and needs. Based on wants and needs

Question 2

Opportunity cost

Answer 2

What you give up when you chose one thin over another

Question 3

Career cluster

Answer 3

Group of related jobs in a field

Question 4

4 factors of production

Answer 4

Natural human capital entrepreneurial

Question 5

Why is the us called a private enterprise system?

Answer 5

Businesses are privately owned not by the government

Question 6

Supply

Answer 6

What producers provide at varied prices

Question 7

Demand

Answer 7

What we are willing and able to buy

Question 8

Surplus

Answer 8

Greater than deman

Question 9

Shortage

Answer 9

Demand is greater than supply

Question 10

Equilibrium

Answer 10

Supply is equal to demand the price all business owners like to meet

Question 11

Business cycle

Answer 11

Recession depression growth prosperity

Question 12

Scarcity

Answer 12

Lack of basic needs fulfilled

Question 13

Poverty

Answer 13

Needs aren’t met

Question 14

What is a country’s standard of living?

Answer 14

What it costs to be average

Question 15

3 major economic indicators

Answer 15

GDP inflation unemployment

Question 16

GDP

Answer 16

How productive a country is

Question 17

Inflation

Answer 17

Rapid rise in prices

Question 18

Social responsibility

Answer 18

Being fair in hiring firing promoting

Question 19

Green products

Answer 19

Less negative impact on the environment

Question 20

4P’s of marketing

Answer 20

Product place price and promotion

Question 21

4 stages of product life cycle

Answer 21

Intro growth maturity decline

Question 22

3 motivations for buying

Answer 22

Rational emotional patronage

Question 23

Rational

Answer 23

Logic

Question 24

Emotional

Answer 24

You see you have to have it

Question 25

Patronage

Answer 25

Loyalty

Question 26

4 main channels of advertising

Answer 26

Print tv radio mass media

Question 27

Various forms of business ownerhip

Answer 27

Sole proprietorship partnership corporation franchise nonprofit

Question 28

Direct competition

Answer 28

Same industry competing location

Question 29

Indirect competition

Answer 29

Differ industry but can take costumes away and location

Question 30

Imports

Answer 30

Higher quality goods cheap labor certain country's produce certain things

Question 31

Exports

Answer 31

Sell to other country's

Question 32

Trade barrers

Answer 32

Quota Tariff Embargo

Question 33

Quato

Answer 33

Limit on imports

Question 34

Takes on imports

Answer 34

Tariff

Question 35

Can't trade with others

Answer 35

Embargo

Question 36

difference in money with imports or exports

Answer 36

Balance of trade

Question 37

Global strategy

Answer 37

Don't change product same material for every country

Question 38

Multicultural

Answer 38

Different for each country

Question 39

American mentality of business

Answer 39

Get things done quickly do business like we do.